On Monday, Yonhap News Agency reports that South Korea’s state-run Korea Development Bank’s (KDB) research unit compiled a report which suggests that North Korea has being mining cryptocurrencies on a small scale.
They publication also added, The KDB research unit reported that North Korea had tried to mine bitcoin during the period of May till July last year but it appears that attempt was unsuccessful.
The report further describes that North Korea has been expressing interest in blockchain and cryptocurrenices mainly focusing on characteristics of cryptocurrencies such as anonymity, cashability and lastly difficulties in tracing money.
Yonhap also quoted the report claiming that a North Korean technology firm, named Chosun Expo, is developing and selling a market-exchange platform for Bitcoin.
South Korean media Speconomy conveyed that, according to the KDB research unit, North Korea will require an ample amount of time before the cryptocurrency industry can expand into North Korea. Reason being that North Korea currently lacks a blockchain infrastructure, high-performance computers, electric power, and networks to carry the internet.
The KDB report further asserts that average North Koreans “appear to have little knowledge of cryptocurrencies,” Yonhap noted. Citing “recent interviews with North Korean defectors,” the report claims that “all of them replied that they don’t know about cryptocurrencies in the North.”
Another interesting insight is that in April, Koryo Tours, a tourism and travel company in North Korea announced “the creation and release of a new blockchain-based cryptocurrency exclusively for use in the North Korean tourism industry named “Koryo Coin”. The tour agency also announced that they were going to launch an initial coin offering (ICO) of this token.
It is not surprising that North Korea is resorting to other forms of investments and ways to improve their finance factor as they have very limited access to the global financial market. But nevertheless, North Korea could be an additional market to look into for crypto investors and blockchain projects depending on how they create their infrastructure and regulations around blockchain and cryptocurrencies.
Sources: Yonhap, Bitcoin News